News release

Houston, TX

Archway Properties selects JLL to lease new Class A industrial park

2018-02-14T06:00:00Z

Park Air 59 to encompass 700,000 square feet in northeast Houston

HOUSTON, Feb. 14, 2018 – JLL today announced the firm has been awarded the leasing assignment for Park Air 59, a Class A industrial park planned for the northeast corner of Will Clayton Parkway and U.S. Highway 59 in Humble, Texas.

"We're seeing sustained demand for big-box distribution centers that the market's existing inventory doesn't meet," said Nicholas. "For end-users looking to capitalize on Houston's strong economy and growing position as a distribution hub, this project will offer Class A distribution space with excellent freeway access and superior amenities."

Encompassing approximately 38 acres and up to 700,000 square feet of distribution space, the completed park will include cross dock configuration and ample trailer storage. Just north of Beltway 8, the property offers immediate access to U.S. Highway 59 and George Bush Intercontinental Airport. Moreover, its location in the city of Humble provides lower tax rates than comparable properties in the northeast submarket, according to Archway Properties. ​

The planned development will provide an infusion of new product to the northeast industrial submarket, which had no new industrial space deliver in 2017. The submarket closed the year with a vacancy rate of 2.8 percent.

Houston has seen a notable rise in the number of big box developments and deliveries to market. According to JLL research, there were 12 big-box warehouse distribution projects that either delivered or were under construction in 2017. This represents a 20 percent increase year-over-year and a 140 percent increase from 2015.

For more content including videos and research resources on JLL, please visit the firm's U.S. media center Web page: http://bit.ly/18P2tkv.

About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. AFortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2017, JLL had revenue of $7.9 billion and fee revenue of $6.7 billion; managed 4.6 billion square feet, or 423 million square meters; and completed investment sales, acquisitions and finance transactions of approximately $170 billion. At the end of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of 82,000. As of December 31, 2017, LaSalle had $58.1 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.